The Nature and Sources of Law
What is law?
the order or pattern of rules that society establishes to govern the conduct of individuals and the relationships among them
What is business ethics?
business ethics balances the goal of profits with values of individuals and society.
What is a right?
the legal capacity to require another person to perform or refrain from action
What is rights theory?
everyone has a set of rights, and it is up to the government to protect them.
What is a duty?
an obligation of law imposed in a person to perform or refrain from performing a certain act
What is ethical egoism theory?
we should act in our own self-interest and only judge ourselves
Describe Administrative Law
rules promulgated by state and federal administrative agencies
What is utilitarian theory?
we should do the good for the most amount of people
What is Equity?
a body of law that provides justice when the law does not offer an adequate remedy or application of the law would be terribly unfair
Why are business ethics important?
capitalism succeeds because of trust. The reliance on promises produces good business relationships.